Fixed Assets (Capital Equipment)

Fixed Assets are:

• Physical property with an acquisition value of $5,000 or more and a useful economic life (UEL) of more than one year.

• Fabricated equipment, which has an aggregate value of $5,000 or more and a UEL of more than one year.

• A collection of purchases which have an aggregate value of $5,000 or more which is to be used over the same period of time (more than one year) e.g. library books.

The General Ledger Team is responsible for identifying Fixed Assets and maintaining the Fixed Asset Register. Departments are responsible for tagging Fixed Assets at the direction of Finance, maintaining a local log of assets, and performing equipment inventory checks at least every two years.